New Foreclosures Drop in Brooklyn
Foreclosure results for the five boroughs were mixed in August, according to numbers just released by Property Shark. Staten Island and Queens saw increases in both year-over-year and month-over-month numbers, while the Bronx, Manhattan and Brooklyn saw declines in both numbers. In Brooklyn, the number of new foreclosures dropped from 31 in August 2009 and…
Foreclosure results for the five boroughs were mixed in August, according to numbers just released by Property Shark. Staten Island and Queens saw increases in both year-over-year and month-over-month numbers, while the Bronx, Manhattan and Brooklyn saw declines in both numbers. In Brooklyn, the number of new foreclosures dropped from 31 in August 2009 and 37 in July 2010 to just 20 last month. (Click through to the jump for a map of the Brooklyn properties in question.) The big question is whether the trend is your friend or this is just the calm before the pent-up storm.
By NYGuy7 on September 3, 2010 11:31 AM
Yes, and Barney Frank is harmless!
By InsertSnappyNameHere on September 3, 2010 11:23 AM.
Since Democrats have held Congress for most of the last 40 years, Democrats need to be blamed; Republicans too, to the extent they went along with it.
The big lie, the HUGE lie is that there was too little regulation. Actually, there was TOO MUCH regulation. Regulation forced banks to make stupid, risky loans. TOO MUCH regulation. Mostly because Whitey was exploiting everyone. Except he wasn’t.
CRA was, and IS the “too much regulation.”
Blame is important. Blame is critical to not repeating mistakes. Why are you afraid of blame?
“Can’t foreclose if the bank already owns most of the houses!!” – tybur6
Nope. But you can default on those that the bank has not yet reposessed. Map the damn lis pendenses!
$100-Hotbird gift certificate, ‘snappy.
***Bid half off peak comps***
*duhcrats and retardicans*
Feel free to send me a bill. I may make use of this phrase in the future. Full credit to you, of course.
Both duhcrats and retardicans are responsible for the repeal of Glas Steagal and the unwillingness to reverse it.
***Bid half off peak comps***
From the horse’s mouth…
http://tinyurl.com/27z522z
“Lis Pendens (a.k.a. Pre-Foreclosures)
Commonly referred to as Pre-Foreclosures, Lis Pendens is the very first step in the Foreclosure process. When a property owner fails to make three payments in a row, the lender files a Summons & Complaint which opens a Lis Pendens…”
COMMONLY as in mortgage default most of the time.
“…Other parties also open Lis Pendens when beginning a foreclosure procedure, such as tax lien holders and government agencies…”
OTHER as in the minority of cases.
“So even if you had data showing trends in # of lis pendens filed, you wouldn’t know why or whether foreclosrue-related without drilling down further.” – slopefarm
True, you wouldn’t KNOW 100% for sure. But if open cases rise and remain elevated during the collapse of the biggest housing bubble you will ever see, one has to infer that MOST of them are indeed mortgage defaults. Even if it’s a contractor or NYC Finance, there’s still apparent distress that could eventually lead to mortgage default.
Hypothesis: Most lis pendens are mortgage defaults.
Maybe I’m wrong but PropertyShark appears to side with me. If you have data to the contrary, prove me so.
***Bid half off peak comps***
Slopefarm, CRA didn’t even have any power to force banks to lend to people. All the act did was rate the banks based on how often they lent money to their own depositors. So even after it was enacted a bank could still refuse to lend to it’s black customers who met the same criteria as those who were borrowing in more affluent neighborhoods. It had zero power to actually force a bank to do anything.
*Republican*
Good heavens. Why does everything always have to come down to a Democrat vs. Republic argument? Some people can’t pay their mortgage. They get foreclosed on. Period. It’s not a conspiracy on either side. Sometimes bad shit happens.